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| Issued August 2025 | ||||
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| In this newsletter... | ||||
| Benchtest 07.2025 – the Impact of Tariffs, the FIM Act restarted, Namibia’s Industrialisation and more... | ||||
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| IMPORTANT NOTES AND REMINDERS | ||||
NAMFISA levies
The interest rate on direct housing loans remains unchanged in August at 9.25%. The minimum repayment amounts will also remain unchanged for September. Taxpayers urged to register for tax amnesty As a result of RFS having moved to a future- and FIMA-fit administration system, and because of technical problems with the ITAS, RFS was only able to submit the last employee tax returns shortly before the end of June. To avoid any penalties and interest for the late submission of income tax returns, members and pensioners are urged to register for the tax amnesty on ITAS. |
Registered service providers Certain pension fund service providers must register with NAMFISA and submit regular reports to the authority. Download a list of service providers registered as of June 2024, here... Retirement calculator Use our web-based retirement and risk shortfall calculator for your retirement planning. Find it here... If you need help with your financial planning, get in touch with
Toolbox for trustees RFS provides comprehensive support for trustees. Find a list of download documents to assist with the governance and management of private funds, registered as of June 2024, here... |
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| IN THIS NEWSLETTER... | ||||
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In this newsletter, we address the following topics:
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In 'Tilman Friedrich's industry forum' we present...
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In 'Snippets for the pension funds industry,' read about...
As always, your comment is welcome, so open a new mail and drop us a note! Regards Tilman Friedrich |
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| TILMAN FRIEDRICH'S INDUSTRY FORUM | ||||
| Monthly Review of Portfolio Performance to 31 July 2025 |
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| In July 2025, the average prudential balanced portfolio returned 2.3% (June 2025: 1.9%). The top performer is the Lebela Balanced Fund, with 3.6%, while the Allan Gray Balanced Fund, with 1.6%, takes the bottom spot. NAM Coronation Balanced Plus Fund took the top spot for the three months, outperforming the ‘average’ by roughly 2.8%. The Investment Solutions Balanced Growth Fund underperformed the ‘average’ by 1.5% on the other end of the scale. Note that these returns are before (gross of) asset management fees. The Monthly Review of Portfolio Performance to 31 July 2025 reviews portfolio performances and provides insightful portfolio analyses. Download it here... |
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| US Tariffs: A New Global Strategy and Its Impact on South Africa |
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| The recent imposition of U.S. tariffs on South African exports signals a significant shift in U.S. trade policy, moving from long-term economic strategy to short-term political objectives. While initially intended to target countries with large trade surpluses to promote U.S. reindustrialisation, the new tariff regime, as of August 2025, seems to be focused on members of the BRICS economic bloc, specifically South Africa, Brazil, and India. Tariffs on these countries have been raised significantly, from 10–25% to 30–50%, while other nations with large trade surpluses, like Cambodia, Vietnam, and Thailand, have largely been spared. This change suggests a strategic move by the U.S. to maintain its global dominance and decouple from non-aligned nations. Economic Fallout for South Africa The sweeping tariffs, which include a 30% blanket levy on key sectors and a 25% duty on vehicles, effectively nullify the benefits South Africa previously enjoyed under the African Growth and Opportunity Act (AGOA). This has created a critical economic moment for South Africa and, by extension, its interconnected neighbours like Namibia... Read paragraph 6 of the Monthly Review of Portfolio Performance to 31 July 2025 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses. Download it here... |
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| The FIM Act – a new start Contributed by Carmen Diehl, C.A.(Namibia), Senior Manager: Risk Management and Compliance |
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The FIMA (Act 2 of 2021) was promulgated in Government Gazette no. 7645 on 1 October 2021. The Minister of Finance has not yet set an effective date. In the last several newsletters and the next few issues, we have presented and will continue to provide a brief overview of the latest status on standards and regulations.
This summarises the main provisions of draft standards and regulations under the FIM Act and implications for retirement funds. Standards Chapter 5: Retirement Funds RF.S.5.27 Manner and form of application, by a registered fund, for cancellation of registration, or variation of the conditions subject to which registration was granted
This Standard applies to all registered funds applying for cancellation of registration or for the variation of the conditions subject to which registration was granted, under section 258 of the Act. Summary:
What to do:
Regulations Chapter 5: Retirement funds
RF.R.5.1 Funds and classes of funds for inclusion in the definition of “fund” Summary:
What to do:
RF.R.5.3 The terms and conditions on which the board of a fund may distribute some or all of an actuarial surplus Summary:
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| Balancing Tertiary Education and Vocational Training in Namibia’s Industrialisation Strategy |
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| Namibia's Sixth National Development Plan (NDP6) aims to create over 80,000 manufacturing jobs by 2030, up from 53,491 in 2024, to boost manufacturing’s GDP share from 10.6% to 18%, and its export contribution from 42% to 60%. However, a key question arises: is Namibia’s focus on tertiary education, rather than vocational training, the right approach to support this industrialisation strategy? Despite increased access to higher education, Namibia faces a mismatch between the growing number of university graduates and the labour market's needs, especially in non-technical fields like social sciences. Industries vital for industrialisation, such as manufacturing and renewable energy, struggle to find skilled workers. While the government’s plan for free tertiary education from 2026 is positive, it could worsen graduate unemployment unless paired with vocational education reforms. Global Lessons: The U.S. has faced a skills gap in manufacturing and trades due to an overemphasis on academic qualifications. In contrast, Germany and Switzerland offer a dual education system combining vocational and academic training, ensuring a steady supply of skilled workers for their manufacturing sectors. Policy Recommendations for Namibia:
To achieve its industrialisation goals, Namibia must balance its focus on tertiary education with a strong emphasis on vocational training. Integrating both educational approaches will ensure the country develops a workforce capable of driving economic growth and job creation in key industries. You can access the full article by Tilman Friedrich at this link. |
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| COMPLIMENT | ||||
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Testimonial
from a Former Fund Chairman Dated July 2025 |
“Dear RFS Team
As I prepare to retire after many fulfilling years in my professional career, I want to take a moment to extend my sincere gratitude to each of you. Working with you has been both a privilege and a pleasure. The trust, professionalism, and dedication you have brought to the table have played a significant role in shaping my work life and, ultimately, in the success of the initiatives we’ve shared over the years. I’ve always valued the sense of partnership and reliability that came with working alongside you. It made even the most challenging tasks manageable and enjoyable. I am truly grateful for your support, your insights, and the high standards you uphold in your profession. Though I am stepping back from my professional responsibilities, I leave with great respect for your work and deep appreciation for the relationships we have built. Thank you once again, and I wish you continued success in all your future endeavours. Kind regards, Henning”
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| BENCHMARK: A NOTE FROM GÜNTER PFEIFER | ||||
| Welcome to the Benchmark Retirement Fund
We are delighted to announce that the following employers joined the Benchmark Retirement Fund, further solidifying the Fund’s commitment to providing top-tier retirement solutions.
Established in 2000, our fund has grown to serve nearly 22,000 members and manage assets worth N$10 billion, a testament to the trust placed in us by employers, pensioners, and individuals who preserve their capital.
Circulars issued by the FundAs Namibia’s largest umbrella fund and the second largest fund overall, following the GIPF, we take immense pride in being Namibia’s preferred choice for retirement benefits. The decision by these employers to join our fund underscores our reputation for excellence and our dedication to supporting the long-term financial security of both our employers and their employees. We warmly welcome the employees of our new employers to our Benchmark community. Your inclusion enriches our collective strength and diversity. We are committed to providing you with exceptional service, the best pension expertise, and industry-leading solutions to help you achieve your retirement fund goals. We thank each employer for choosing the Benchmark Retirement Fund. We look forward to a prosperous and rewarding partnership. |
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The Benchmark Retirement Fund did not issue any new circular or announcement after
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| NEWS FROM RFS | ||||
| Staff improving their competencies | ||||
| RFS is proud of prioritising the ongoing education and professional development of its staff. As Nelson Mandela once said, “education is the greatest equaliser,” and by investing in the education and training of its employees, RFS is helping to create a more skilled and knowledgeable workforce. By supporting its staff in their pursuit of further education, RFS is also investing in the long-term success of its business. As staff members become more skilled and knowledgeable, they are better equipped to provide high-quality service to clients and to help the company stay competitive in a rapidly changing market. Congratulations to the following staff members who have successfully advanced their qualifications! Pursuing further education can be a challenging and arduous road, and it is a testament to their hard work and dedication to have achieved this milestone:
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| RFS Welcomes Vincent Shimutwikeni | ||||
| Ardent newsletter readers would have noticed a new prolific contributor to this newsletter, Vincent Shimutwikeni. Vincent holds a B.Juris and an LLB (Honours) degree plus certification in Governance, Risk, and Compliance. His expertise was developed through his tenure at the University of Namibia and as a Board Member of the Universities Retirement Fund (UNIREF), where he specialised in pension law, retirement fund governance, and investment strategies. Passionate about promoting responsible financial planning and retirement readiness, Vincent advocates for policy frameworks ensuring dignified and financially secure retirement for all Namibians. His approach to professional practice is guided by his commitment to family and community, bringing an inclusive perspective to financial decision-making. We extend a warm welcome to Vincent, who joins our permanent staff complement on 1 September 2025! We are looking forward to his contribution in helping our clients to rest easy, knowing that RFS’s team of experts is attending to their retirement business. We are confident that Vincent’s friendly and outgoing personality will be a valuable addition to our team and clients, and we wish him all the best in his new position. |
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| Other Staff News Staff Promotions:
We heartily congratulate the following staff on their promotion:
RFS Engages Ministers |
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| While small in relation to the GIPF, RFS, and the Benchmark Retirement Fund have grown to become large players in the pensions industry over the past 25 years. It is pleasing to note that the Government is well aware of these institutions and the important role they play in the pensions industry, and their contribution to the Namibian economy. Marthinuz Fabianus and Vincent Shimutwikeni recently introduced themselves to Hon. Emma Theofelus, Minister of ICT. This engagement served as a formal courtesy visit to congratulate the Honourable Minister on her re-appointment. They also shared insights into the work RFS does within the retirement industry, particularly the critical role digital infrastructure, data protection, and ICT policy play in effective pension fund administration.  |
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They also met Hon. Fillemon Wise Immanuel, Minister of Justice and Labour Relations:
This meeting similarly aimed to commend the Honourable Minister on his recent appointment. They discussed RFS’s areas of work and emphasised the importance of collaboration, especially in light of the proposed National Pension Fund.  RFS highlighted how RFS’s role intersects with both the labour and justice sectors, touching on retirement, finance, and regulatory compliance, areas in which alignment with the Ministries will be crucial going forward. RFS Winter Drive Transforms Lives at Hope Village |
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RFS Fund Administrators nominated Hope Village Namibia as our charity trust and welfare organisation for its latest sponsorship initiative. This remarkable charity trust and welfare organisation provides a loving, nurturing home for orphans, vulnerable, and abandoned children from across Namibia, caring for little ones as young as 3 months old.
This year's winter drive was particularly close to our hearts. We donated essential winter clothing and school uniforms for approximately 80 children, along with washing machines to support the village's daily operations. On behalf of Hope Village, Mr Boma Nanyemba conveyed its heartfelt appreciation to RFS representatives (f.l.t.r.) Victoria Nashongwa, Mr Boma Nanyemba – Director of Hope Village, Rauha Hangalo, and Ashley Tlhaballeno for making this handover possible and showing RFS’s commitment to social responsibility.  |
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| Elevate your fund experience with EPIC |
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Members of funds administered by RFS can now access EPIC, its member communication platform, if the trustees agree to make the platform available to members.
Members can access their benefits and investment values online from anywhere at any time. Members of the Benchmark Retirement Fund take note that they have similar functionality through Benefit Counsellor. We encourage our fund members to make the best use of these facilities. |
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| The RETIREMENT COMPASS | ||||
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RFS Fund Administrators sponsor this newsletter as part of their social responsibility and initiatives to support the retirement fund industry. It aims to provide members of funds managed by RFS Fund Administrators and other parties in their network with retirement funding and planning-related news and insights, presented understandably.
Fresh from the press this month, the latest issue covers the following insightful articles:
Don’t miss out on the latest Retirement Compass (vol 2, no 2) here...
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| Important circulars issued by RFS | ||||
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RFS issued the following new circular in July:
Clients are welcome to contact us if they require a copy of any circular.
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| NEWS FROM NAMFISA | ||||
| NAMFISA Industry Meeting |
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| LEGAL SNIPPETS | ||||
| Why Having a Will Still Matters in Retirement – planning for peace of mind Contributed by Vincent Shimutwikeni, B. Juris, LLB (honours), CGRC-BP™, Manager: Legal Support |
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Retirement is often seen as a time to slow down, enjoy life, and focus on the things that matter most: family, health, and freedom from the daily grind. But just as we plan financially for this important life stage, legal planning remains just as essential. One of the most overlooked but crucial aspects of that planning is having an up-to-date will.
Whether you have been retired for a few years or are just settling into your new chapter, now is the perfect time to ensure your legal affairs are in order, and that starts with your will. It’s not just a document for the wealthy, or something to worry about “later.” A well-drafted will is a gift to your loved ones, a safeguard for your wishes, and a vital part of your legacy. What Is a Will, and Why Is It So Important? A will is a legal document that sets out how your possessions, money, and assets should be distributed after your death. It allows you to decide who receives what and how. From property and investments to sentimental belongings and personal items. More importantly, it appoints someone (your executor) to manage the winding up of your estate.
Without a valid will, your estate will be administered by the Master of the High Court and distributed according to a fixed legal formula, which may not reflect your wishes. This can lead to confusion, disputes, or loved ones being unintentionally excluded. Why It Still Matters Even After Retirement Many people write a will earlier in life, then file it away and forget about it. But retirement often brings significant changes in both lifestyle and financial circumstances, and your will needs to reflect that.
Here’s why reviewing or updating your will in retirement is so important:
More Than Money: The Emotional Value of a Will
While a will is a financial document, it carries great emotional weight. It allows you to leave a legacy, protect vulnerable loved ones, and even include special bequests like a piece of jewellery for a grandchild or a donation to a charity close to your heart. How to Ensure Your Will Is Valid and Effective Here are a few simple steps to make sure your will does what it’s supposed to:
Having a valid and effective will is not about expecting the worst; it’s about preparing with wisdom and care. Even a basic will is better than none. It gives clear instructions and helps avoid confusion during a difficult time for your family.
Retirement is a season to enjoy the fruits of your labour, and part of that peace of mind comes from knowing your affairs are in order. A valid, updated will ensures your wishes are respected, your loved ones are protected, and your legacy lives on just as you intended. So, if it has been a while since you looked at your will, or if you haven’t yet written one, consider this your gentle reminder. It’s one small step that makes a big difference. Repeated Withholding of Benefits for Breach of Contract The following case deals with the repeated withholding of benefits for an alleged breach of contract by the Oasis Crescent Retirement Fund. It was reported on in the Office of the Pension Fund Adjudicator’s 209-2020 annual report.
Executive summary The Pension Funds Adjudicator (PFA, M. Lukhaimane) found that Oasis Crescent Retirement Fund unlawfully withheld members’ withdrawal benefits at the employer’s behest because the statutory pre-conditions for a s37D deduction were not met (no written admission of liability, no judgment/compensation order, and the misconduct alleged was a breach of contract rather than theft/dishonesty causing damage). The Adjudicator ordered payment of the benefits plus late payment interest and referred the fund’s apparent pattern of non-compliance to the regulator for investigation.
1) Facts (two exemplar complaints used by the PFA)
2) Complaints and the employer’s misconduct allegations
3) Arguments the Fund/administrator advanced
The Fund and its administrator froze payment because the employer notified them of intended legal proceedings or produced a summons and relied on s37D as authority for withholding or deduction. The administrator argued that section 37D permits deduction/withholding where the claim arises from theft, dishonesty, fraud or misconduct, and the member had admitted liability in writing or a judgment exists. (This is the Fund’s stated legal basis.) 4) Applicable legal principles (what s37D and the PFA require)
5) The Adjudicator’s reasoning (why the fund lost)
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| SNIPPETS FOR THE PENSION FUND INDUSTRY | ||||
| The #1 reason most retirement plans fail – and how to fix it | ||||
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Most retirement plans fail — not from lack of saving, but from lack of structure.
Many South Africans work hard, save, and avoid financial mistakes, yet still face an uncertain retirement. The key reason? Their plans are based on assumptions rather than a clear, tested strategy. A successful retirement plan must do more than set money aside — it must account for longevity, inflation, market risks, and life’s curveballs. It should be structured, dynamic, personalised, and independent, with regular reviews and realistic income projections. Core elements of a strong plan include:
Retirement is not a once-off decision but a 30-year journey. Without a strategic approach, even good intentions can quickly unravel. Partnering with a trusted, independent advisor can help you identify blind spots, test your plan against risks, and adjust as life changes.
Read the full article by Wouter Fourie in Moneyweb of 1 August 2025 at this link. |
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| Five Long-Term Trends Reshaping the Investment Landscape | ||||
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In a world of heightened market uncertainty, these five enduring trends identified by Rory Kutisker-Jacobson, portfolio manager at Allan Gray, offer valuable insights for disciplined, long-term investors:
1. Global Consumption Patterns Are Evolving
2. Wellness Trends Are Disrupting Food and Alcohol Sectors
3. Reduced-Harm Nicotine Products Are Growing Fast
4. Direct-to-Consumer Brands Are Gaining Momentum
5. Discipline Trumps Volatility
Moneyweb Insider Gold subscribers can access the full article here.
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| SNIPPETS OF GENERAL INTEREST | ||||
| Quiet Strength: Why introverted leaders are often the most effective | ||||
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In a world that often associates leadership with bold, extroverted traits, we’ve created a narrow definition of what a leader should be. Leadership, however, is diverse and reflects various personalities. Introverted leaders may not be the loudest, but they often bring depth, thoughtful perspectives, and emotional intelligence that can transform teams.
Why Introverted Leaders Are Effective:
To young leaders, remember: You don’t need to change who you are to lead. Your quiet confidence and ability to listen are powerful tools. Leadership doesn’t require becoming someone else, just embracing your unique strengths.
In a noisy world, quiet strength is a gift, and the workplace needs more of it. Lead with authenticity, refining your style without performing. You’re already equipped to lead—believe in that strength. Read the full article by Ipupa Fadeyi in The Brief of 25 July 2025, at this link. |
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| Beyond your will: Understanding estate planning | ||||
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Estate planning is crucial for ensuring a smooth transition of assets and responsibilities after one's death, particularly when children or dependents are involved. If someone dies without a will, they are said to have died "intestate," and their minor children may inherit through the Guardian's Fund. This state-administered fund safeguards the interests of minors. Still, it has limitations, such as a slow and bureaucratic process, limited flexibility for withdrawals, and a generic investment strategy that may not suit individual needs. Furthermore, cybersecurity risks make the fund less secure.
To avoid using the Guardian's Fund, a testamentary trust can be created within a valid will. This trust, which only takes effect upon the individual's death, allows for assets to be managed by appointed trustees for the benefit of minor children. The trust can specify when the child will gain full access to the funds, typically beyond age 18. It is also recommended to separate the roles of guardian (who takes care of the child’s well-being) and trustee (who manages the funds), although a single person can fulfil both roles. Choosing a guardian for your child is an important and personal decision. It’s essential to ensure that the selected guardian has a strong bond with the child, aligns with your values, and can manage the child’s financial responsibilities. Guardianship duties are outlined in the Children’s Act [in Namibia, the Childcare and Protection Act 3 of 2015] and involve managing the child's property and legal matters. Estate planning is not just about distributing wealth but also about ensuring the care and continuity of your children’s well-being. It’s important to regularly review your will and guardianship decisions as relationships and circumstances evolve. Read the full article by Cole Zweistra in Moneyweb of 6 August 2025 at this link. |
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| AND FINALLY... | ||||
| Wise words from wise men | ||||
| "Act only according to that maxim whereby you can, at the same time will, that it should become a universal law." ~ Immanuel Kant (1724 - 1804) | ||||
| Unsubscribe If you do not want to receive these newsletters {unsubscribe}click here...{/unsubscribe} Disclaimer Whilst we have taken all reasonable measures to ensure that the results reflected herein are correct, Benchmark Retirement Fund and RFS Fund Administrators (Pty) Ltd do not accept any liability for the accuracy of the information and no decision should be taken on the basis of the information contained herein before confirming the detail with the relevant portfolio manager. |
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